Downtown Miami’s Centro Condo receives final Fannie Mae approval

With less than 30 units remaining to be sold and residents beginning the move-in process, Centro, Newgard Development Group’s 352-unit loft-style condo located in the heart of downtown Miami, now has final Fannie Mae approval through February 2018.

Qualified individuals have the opportunity to finance up to 95 percent of their purchase for primary residences, 90 percent for second homes, 85 percent for investment properties and 75 percent for foreign nationals, for up to 30 years, all at what are still at historically low interest rates, starting in the 3.45 percent range, depending on buyer-specific criteria. The maximum loan on the residence cannot exceed $417,000.

Centro, located at 151 SE First St., has remaining units ranging in price from the mid $300,000’s to $500,000’s and in size from 654 to 1,131 square feet.

“Securing final Fannie Mae approval means that a buyer’s principal and interest on a unit at Centro can be extremely affordable and beyond-comparable to renting,” said Harvey Hernandez, chair and managing partner of Newgard Development Group, the project’s developer. “With the affordability challenges in Miami, specifically within the Downtown/ Brickell urban core, Centro becomes one of the area’s greatest values.”

While financially attainable, the project showcases high design. Yves Béhar, the acclaimed, award-winning designer and founder of Fuseproject, has infused visually striking, sustainable designs with a modern, efficient, and integrated lifestyle.

The forward-thinking Centro project, built without in-building parking, is an ideal example of Downtown Miami’s emergence as a pedestrian-friendly district.

The savings from no onsite parking is being passed on to the consumer, who can then utilize downtown Miami’s mass transit options, including the Miami Trolley, Metromover and Metrorail.

Should a buyer wish to own a vehicle, they can rent spaces at the garage that is located a block away from the building, with the developer supporting the first year of parking fees.

Dotted with new shops and restaurants, such as PB Station — an offering from the renowned Pubbelly Restaurant Group — and located at the bottom of the newly opened Langford Hotel, Centro is uniquely positioned at the heart of a rapidly evolving urban sector, which also includes major entities such as Whole Foods.

Building amenities, located on the top two floors of the building, feature a rooftop pool; fully equipped gym and spa facilities, and two resident lounges complete with everything from theater seating, co-working areas and even a ping pong table. Additional perks include a 24-hour reception desk.

Centro is a 40-story, 352-unit loft-style residential condo tower under development by Newgard Development Group located at 151 SE First St. in the heart of Downtown Miami. Combining modern design, leading-edge technology and a prime location, Centro brings a new standard of accessible, urban living to one of the world’s most dynamic downtown districts. Construction was completed in July.

For more information, including developer closeout sales opportunities, contact Centro at 305-938-5321 for an appointment, or visit www.centromiami.com.